Copper prices swung between small gains and losses on Tuesday, after data on China's manufacturing sector painted a mixed picture of the world's second largest economy.
Copper futures fluctuate after conflicting China PMI dataCopper swings between gains and losses after mixed China PMI reports
On the Comex division of the New York Mercantile Exchange,
copper for May delivery held in a range between $3.018 a pound and $3.040 a pound. Copper last traded at $3.019 a pound during European morning hours, down 0.21%, or 0.6 cents. Copper lost 0.53%, or 1.6 cents, on Monday to settle at $3.025 a pound. Futures were likely to find support at $2.990 a pound, the low from March 28 and resistance at $3.050 a pound, the high from March 31. Data released earlier showed that China’s final HSBC Purchasing Managers Index ticked down to an 18-month low of 48.0 in March from a final reading of 48.5 in February. The report came after China’s official manufacturing purchasing managers’ index inched up to 50.3 in March from 50.2 in February. Copper remained supported amid indications that China’s government is prepared to do more to shore up the cooling economy. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Elsewhere on the Comex, gold for June delivery rose 0.24%, or $3.10 cents, to trade at $1,286.90 a troy ounce, while silver for May delivery picked up 0.41%, or 8.1 cents, to trade at $19.83 an ounce. The U.S. Institute of Supply Management is to publish a report on U.S. manufacturing growth for March later in the day. Gold and silver prices have been under heavy selling pressure in recent weeks as upbeat U.S. economic data underlined expectations that the Federal Reserve will begin to raise rates sooner than previously thought. On Monday, Fed Chair Janet Yellen said that there is still room for the central bank to help the economy and reiterated that the Fed’s commitment to economic stimulus will still be needed for some time. Investors are also looking ahead to Friday’s U.S. nonfarm payrolls report for March, amid expectations for jobs growth of 200,000, after 175,000 jobs were added in February.
copper for May delivery held in a range between $3.018 a pound and $3.040 a pound. Copper last traded at $3.019 a pound during European morning hours, down 0.21%, or 0.6 cents. Copper lost 0.53%, or 1.6 cents, on Monday to settle at $3.025 a pound. Futures were likely to find support at $2.990 a pound, the low from March 28 and resistance at $3.050 a pound, the high from March 31. Data released earlier showed that China’s final HSBC Purchasing Managers Index ticked down to an 18-month low of 48.0 in March from a final reading of 48.5 in February. The report came after China’s official manufacturing purchasing managers’ index inched up to 50.3 in March from 50.2 in February. Copper remained supported amid indications that China’s government is prepared to do more to shore up the cooling economy. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Elsewhere on the Comex, gold for June delivery rose 0.24%, or $3.10 cents, to trade at $1,286.90 a troy ounce, while silver for May delivery picked up 0.41%, or 8.1 cents, to trade at $19.83 an ounce. The U.S. Institute of Supply Management is to publish a report on U.S. manufacturing growth for March later in the day. Gold and silver prices have been under heavy selling pressure in recent weeks as upbeat U.S. economic data underlined expectations that the Federal Reserve will begin to raise rates sooner than previously thought. On Monday, Fed Chair Janet Yellen said that there is still room for the central bank to help the economy and reiterated that the Fed’s commitment to economic stimulus will still be needed for some time. Investors are also looking ahead to Friday’s U.S. nonfarm payrolls report for March, amid expectations for jobs growth of 200,000, after 175,000 jobs were added in February.
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